[00:00:01]
BUDGET. ALL RIGHT. THANK YOU. GOOD. ALL RIGHT. CALL THE ORDER OF THE REDEVELOPMENT AGENCY
[CALL TO ORDER]
[a. Accept the Proposed Tentative Budget for the Redevelopment Agency of West Jordan for the Fiscal Year Ending June 30, 2026.]
MEETING FOR THE CITY OF WEST JORDAN FOR APRIL 22ND, 2025. OUR BUSINESS ITEM TONIGHT IS TO ACCEPT THE PROPOSED TENTATIVE BUDGET FOR THE REDEVELOPMENT AGENCY OF WEST JORDAN FOR THE FISCAL YEAR ENDING JUNE 30TH, 2026. MISS STEC. THANK YOU. WE'RE GOING TO DO THIS IN TANDEM. SO I'M GOING TO DO THE BEGINNING OF THIS PRESENTATION AND THE TURN THE TIME OVER TO MR. DOBBINS FOR HIM TO WORK ON THE STRATEGY WITH YOU FOR JUST A MOMENT, OR JUST KIND OF INFORM YOU ON TO THE STRATEGY OF THE BUDGET OVERALL. SO WE JOKED ABOUT COMING UP TO THIS PODIUM AND BEING DONNY AND MARIE, BUT I DON'T KNOW HOW THAT'S GOING TO WORK. DENISE AND DAVID. BUT DENISE AND DAVID SHOW. SO THIS IS THE FISCAL YEAR 2026 BUDGET FOR THE REDEVELOPMENT AGENCY.AND AS YOU KNOW, WE HAVE A NEW DIRECTOR OVER ECONOMIC DEVELOPMENT, AND HE HAS PUT TOGETHER THIS BUDGET AND HAS A STRATEGY FOR THE AGENCY, WHICH IS SUPER EXCITING. SO FIRST OF ALL, LET'S GO OVER WHAT AGREEMENTS ARE ALREADY IN PLACE. THEY'VE BEEN IN PLACE FOR A WHILE. WE TALKED ABOUT SOME OF THESE IN THE WORK SESSION. THE FIRST ONE IS PAYPAL. WE'RE ESTIMATING THAT WE'LL BE GIVING THEM A REBATE ON THEIR MUNICIPAL ENERGY TAX OF ABOUT $400,000, WHICH IS LAST YEAR THEY GOT ABOUT $375,000. BUT WITH THE RATE INCREASES FROM ROCKY MOUNTAIN POWER, WE BELIEVE THAT THEY'LL HAVE A LARGER REBATE NEXT YEAR. OH, I'M SORRY, I'M MISSING THESE UP. PAYPAL'S IS A STRAIGHT INVESTMENT. THEY GET THEIR PROPERTY TAX BACK ALIGNED ENERGY GETS THE ENERGY REBATES. I APOLOGIZE, BUT SAME BUILDING. SO THAT BUILDING ENDS UP GETTING ABOUT $753,000 BACK IN AGREEMENTS. AND DAVID DID MENTION TO YOU THAT HE WOULD GET THOSE DATES TO YOU, BUT THEY'RE ALSO IN YOUR BUDGET BOOK IN THAT AREA. SO IT WILL TELL YOU WHAT AGREEMENTS ARE ACTIVE AND HOW MANY YEARS WE'VE BEEN PAYING THEM BACK AND WHEN THEY EXPIRE.
SO IT MIGHT BE EASIER TO JUST REFERENCE THOSE IN CDA NUMBER ONE, WHICH IS THE JORDAN VALLEY STATION, BANGERTER STATION. DEPENDING ON THEIR INVESTMENT IN THE AREA, THEY RECEIVE A REBATE AS WELL OF THEIR PROPERTY TAX, COLLECTIONS OR TAX INCREMENT. ABOUT $951,000. AND THEN SPORTSMAN'S WAREHOUSE AND CRA ONE RECEIVES A $50,000 SALES TAX REBATE. AGAIN, THE ENERGY TAX REBATE AND THE SALES TAX REBATE ARE BOTH TRANSFERS FROM THE GENERAL FUND. BECAUSE ALL THOSE REVENUES COME INTO THE GENERAL FUND OF THE CITY, WE TRANSFER IT TO THE RDA AND THEN THE RDA PAYS OUT THOSE AGREEMENTS. SOME OF THE IMPROVEMENTS THAT WE'RE GOING TO MAKE WITH THE REDEVELOPMENT AGENCY FUNDS FOR EACH OF THE AREAS. SO RDA NUMBER ONE, WE HAVE THE CONTINUATION OF THE 70TH SOUTH BEAUTIFICATION PROJECT, THAT ENTRANCEWAY TO THE CITY. WE CONTINUE WORKING THROUGH DESIGN, AND WE HAVE FOUND SOME SUBSTANTIAL COST SAVINGS ON THIS PROJECT. EVEN THOUGH THE DOLLARS ARE STILL LARGE. THIS COULD HAVE BEEN A $3.5 MILLION PROJECT WITHOUT THOSE NEGOTIATIONS. SO WE'RE SUPER EXCITED TO PARTNER WITH A VENDOR ON THE RETAINING WALL THAT WE'RE GOING TO BE PUTTING UP THERE, THAT WE'LL BE ABLE TO KEEP IT IN BUDGET AND MAKE IT A BEAUTIFUL AREA IN THE CITY. WE ALSO HAVE SOME TARGETED PROPERTY PURCHASES THAT WE'RE GOING TO BE MAKING. THOSE ARE HAVE NOT BEEN SPECIFICALLY IDENTIFIED, NOR HAS THE ACTUAL DOLLAR VALUE FOR THOSE BEEN IDENTIFIED. YET. THIS IS AN ESTIMATE AND A BUDGET BASED ON A STRATEGY. SO WE'RE GOING TO ASK YOU TO APPROVE THE BUDGET FOR $1.5 MILLION OF PROPERTY ACQUISITION THAT WILL BE LOCATED IN THAT AREA. RDA NUMBER TWO, THE SAME THING, SOME PROPERTY ACQUISITIONS AND THE AMOUNT OF ABOUT $1 MILLION RDA NUMBER FOUR, WHICH IS SPRATLING AREA. WE HAVE THE 90TH STREET BEAUTIFICATION PROJECT. THAT ONE'S BEEN DELAYED BECAUSE OF THE IMPROVEMENTS THAT UDOT CONTINUES TO DO. SO WE'RE GOING TO NEED TO CARRY FORWARD OUR LANDSCAPING MONEY UNTIL NEXT YEAR. AND THEN AGAIN, SOME MORE PROPERTY ACQUISITIONS, RDA NUMBER FIVE, SOME MORE PROPERTY ACQUISITIONS. AND EDA NUMBER THREE, WE HAVE BEEN REQUESTED TO BUDGET FOR SOME INFRASTRUCTURE IMPROVEMENTS THAT WILL SUPPORT FURTHER EXPANSION IN THAT AREA AS WELL. AGAIN, THE INFRASTRUCTURE HASN'T BEEN SPECIFICALLY IDENTIFIED QUITE YET, BUT IT WILL BE SOMETHING THAT THE CITY WILL OWN. SO IT WOULD BE A ROAD OR IT WOULD BE UTILITIES OF SOME SORT. THE ENDING RESERVES FOR EACH OF THESE AREAS, SHOULD YOU CHOOSE TO ADOPT THE BUDGET AS IT'S BEING PRESENTED TO YOU WITH THE TAX INCREMENT THAT'S BEEN PROPOSED TO BE COLLECTED IN THOSE AREAS, A LOT OF THESE AREAS, ESPECIALLY THOSE RDA SIX, ONE THROUGH SIX, THOSE BEGINNING AREAS ARE EXPIRING. SO WE DO HAVE NO MORE COLLECTIONS IN A LOT OF THOSE AREAS. YOU'LL SEE
[00:05:03]
THAT THEY'RE CLOSED OR THAT THEY HAVE NO COLLECTIONS. BUT WE HAVE RESERVES IN THERE THAT NEED TO BE INVESTED IN THOSE AREAS. THERE'S NOT A SPECIFIC TIMELINE THAT WE NEED TO INVEST THOSE.BUT, BUT, BUT WITH THE PLAN THAT'S BEING PRESENTED TO YOU, THESE WOULD BE THE ENDING FUND BALANCES. SO YOU CAN SEE THAT WE'RE STILL STILL SUSTAINING A HEALTHY FUND BALANCE IN THE RDA.
THAT COULD BE CONTINUED TO BE INVESTED IN OTHER OPPORTUNITIES AFTER THE ONES THAT ARE BEING PRESENTED TO YOU TONIGHT. WE DO HAVE A NEGATIVE BALANCE IN COPPER HILLS. THE AREA IS NOT REALLY ACTIVE, BUT IT DOES HAVE A LAND BANK AND WE HAVE CONTINUED TO MARKET AND SELL SOME OF THE PROPERTIES THAT WE ARE, WE HAVE IN THE LAND BANK FOR THAT AREA. SO I AM GOING TO TURN A FEW MOMENTS OVER TO MR. DOBBINS FOR HIM TO JUST SPEAK ABOUT THE STRATEGY FOR PROPERTY ACQUISITION AND WHAT YOU CAN, CAN EXPECT IN THE NEXT BUDGET YEAR. AND OTHER THAN THAT, WE'LL LEAVE WITH YOU WITH THE IS THERE A RESOLUTION? THERE'S NOT A RESOLUTION. IS THERE A OH, THAT'S GOING BACKWARDS. SORRY I DON'T KNOW WHERE I'M GOING. THAT'S FINE. LET'S GIVE IT TO DAVID. SO DENISE EXPLAINED IT REALLY WELL I'LL JUST ADD A LITTLE BIT. PART OF WHAT OUR STRATEGY IS, IS USING OUR USING THE RDA'S CASH POSITION TO GO OUT AND ACQUIRE PROPERTIES THAT WILL HELP US STRATEGICALLY EITHER ASSEMBLE PROPERTIES THAT WE CAN THEN TURN AROUND AND HELP REDEVELOP THAT OTHERWISE MAY NOT HAPPEN ON THEIR OWN, AND ALSO TO RELOCATE POTENTIALLY SOME PEOPLE FROM AREAS THAT WE WANT TO SEE REDEVELOPMENT HAPPEN IN A MORE COHESIVE MANNER. AS THE PROPERTY OWNER, IT GIVES US FLEXIBILITY THAT OFTENTIMES WE DON'T HAVE WITH TENANTS OR BUSINESSES, AND IT'S ALSO A GREAT USE OF THE RDA'S CASH TO GO OUT AND ACQUIRE AN ASSET THAT IT THEN CONTROLS GOING FORWARD, ANY, ANY ACQUISITION THAT THE RDA MAKES WILL COME BACK TO YOU FOR YOUR APPROVAL. SO EVERYTHING WILL INVOLVE THE RDA BOARD, AND WE'LL SHARE THOSE DETAILS AS WE MOVE FORWARD. BUT WE WANTED TO GET THE BUDGET SET FIRST AND THEN START WORKING ON THOSE ACQUISITIONS AS WE MOVE FORWARD WITH THAT. SO I'M HAPPY TO ANSWER ANY QUESTIONS YOU HAVE.
BOARD MEMBER GREENE. I'VE GOT JUST ONE QUESTION AND THAT'S ON CRA NUMBER ONE, THE 90TH SOUTH REDWOOD ROAD, THE ONE THAT WE GAVE. SMITH AND EDWARDS A FOR GIVING THEM 50 K A YEAR FOR THE NEXT TEN YEARS. IS THAT IS THAT INCOME TAX OR IS THAT A FIXED PAY FIXED BASED 50 K? I BELIEVE IT'S JUST A FIXED $50,000. SO MY QUESTION WOULD BE AND JUST SOMETHING THAT IS, WOULD IT BE BETTER FOR US TO JUST WRITE THEM A CHECK AND NOT DO IT OVER THE. BECAUSE 50 K NOW IS WORTH, YOU KNOW, IS IT IT MAY BE MORE EXPENSIVE IN THE FUTURE WITH INFLATION AND ALL THAT OTHER STUFF. WOULD IT BE CHEAPER JUST TO PAY THEM OFF AND MOVE ON ON THAT ONE? GOOD SUGGESTION. I CAN TAKE IT FOR CATHOLIC AND YOU CAN APPROACH THEM AND SEE IF THEY'RE OPEN TO THAT AND THEN COME BACK TO YOU. I, I BELIEVE IT'S A 50 K FLAT PAYMENT. THEREFORE WE'RE THE BENEFICIARIES OF HOLDING THAT MONEY AND ACCRUING INTEREST ON IT RATHER THAN THEIR PAYMENT TO THEM GROWING WITH TIME. AND SO IF THAT'S THE CASE, WE PROBABLY WE MAY NOT WANT TO DO THAT IF WE'RE THE BENEFICIARIES OF HOLDING THOSE FUNDS. SO THAT'S ONE OF THE THINGS WE'LL NEED TO LOOK INTO. BUT IF INFLATION OUT PACES THE INTEREST RATE WITH THAT WE'RE DOING IT WOULD STILL BE BETTER TO PAY IT OFF EARLY BECAUSE OF THAT, DON'T YOU THINK? THEY MADE THE IMPROVEMENTS. SORRY. THEY MADE THE IMPROVEMENTS. WE'RE REIMBURSING THEM FOR THE IMPROVEMENTS AT 50 K A YEAR. SO THEY'VE ALREADY INCURRED THE COST AND NOW THEY'RE RECEIVING FLAT PAYMENT BACK FROM US. IT'S MY UNDERSTANDING THERE'S SOMETHING TO LOOK AT. ANY OTHER QUESTIONS? LOOKS READY TO GO.
DENISE, DID YOU HAVE ANYTHING ELSE FOR US? ALRIGHT. I GUESS THEN WE ARE READY FOR A MOTION.
DOES ANYBODY WANT TO MAKE A MOTION? THERE'S. THERE'S NO MOTION ON THIS ONE. IT'S JUST A RECEIVING THE BUDGET. BUT I SAW THE RESOLUTION. ALL RIGHT, WELL, I GUESS WE ACCEPT THE BUDGET.
[CONSENT ITEMS]
MOVE TO APPROVE CONSENT. A SECOND. WE HAVE A MOTION BY BOARD MEMBER GREEN AND A SECOND BY VICE BOARD MEMBER WHITELOCK. I'LL NEVER GET THAT. ALL RIGHT, LET'S VOTE. ALL THOSE IN FAVOR[00:10:04]
SAY AYE. ANY OPPOSED? THAT PASSES SIX ZERO. ALL RIGHT, SO AT THIS TIME, I WILL MOVE TO NOT MOVE. I'M GOING TO ADJOURN THE REDEVELOPMENT AGENCY FOR THE CITY OF WEST JORDAN FOR APRIL* This transcript was compiled from uncorrected Closed Captioning.